The eight forms of community wealth, Part 4: Intellectual capital
There are eight forms of community wealth that, when working together, enhance economic development in rural communities. This article focuses on one of those forms: intellectual capital.
In a previous article we discussed WealthWorks, a program provided through Yellow Wood Associates. The WealthWorks approach incorporates eight forms of community wealth to holistically address economic development in rural communities. The fourth form of community wealth is intellectual capital.
Intellectual capital is a community’s knowledge, innovation and creativity or imagination in a region.
Imagination is what allows us to create new knowledge and discover new ways of relating. Investment in intellectual capital is through research and development and support for activities that engage the imagination, as well as diffusion of new knowledge and applications. Earnings from intellectual capital include inventions, patents, new discoveries, new knowledge and new ways of seeing. Investment in entrepreneurship education, programs and support is one example of promoting and expanding intellectual capital in a local community.
A West Michigan team has recently completed their WealthWorks training and has begun project development and implementation, focusing on trails and pathways. A Michigan State University Extension educator is part of this team, serving in the role of coordinator.
Learn about the other forms of community wealth:
- Built capital
- Financial capital
- Individual capital
- Natural capital
- Political capital
- Social capital
- Cultural capital